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Q: If you borrow \$140,000.00 from your bank at rate of simple interest of 3% for a period of 5 years to start up your business, how much will you owe in simple interest at the end of the life of the
loan? Answer: \$140,000.00 x .03 x 5 years
A: If you borrow \$140,000.00 from your bank at rate of simple interest of 3% for a period of 5 years to start up your business, the interest you will owe at the end of 5 years is \$21,000. 140,000*.03*5=21,000
Original conversation
User: If you borrow \$140,000.00 from your bank at rate of simple interest of 3% for a period of 5 years to start up your business, how much will you owe in simple interest at the end of the life of the loan? Answer: \$140,000.00 x .03 x 5 years

Weegy: For simple interest the formula is I=Prt I=500,000*.145*10 I=725,000 \$500,000.00 at 14.5% simple interest for ten year - the interest is \$725,000.

Question
Updated 1/1/2013 11:58:49 AM
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Flagged by debnjerry
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If you borrow \$140,000.00 from your bank at rate of simple interest of 3% for a period of 5 years to start up your business, the interest you will owe at the end of 5 years is \$21,000.
140,000*.03*5=21,000

*
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